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论文编号：	11530
作者编号：	2320170782
上传时间：	2020/4/15 13:37:06
中文题目：	QX污水处理PPP项目投资的财务评价研究
英文题目：	Study on Financial Evaluation of Investment in QX Wastewater Treatment PPP Project
指导老师：	陈国欣
中文关键字：	PPP项目；污水处理；财务评价
英文关键字：	PPP project; Sewage treatment; Financial evaluation
中文摘要：	随着全国城市化进程的加快，城市污染的问题不断凸现出来，尤其是城市人口的持续增长及城市工业的不断发展，导致城市污水量加大，对我国生态环境及经济都带来了非常大的影响。近年来政府对公共基础设施服务质量要求的提升，PPP作为一种新型融资方式进入市场，并在我国范围内掀起了新的高潮，引入民间社会资本参与到污水处理工作中，不仅缓解了政府的财政压力，还提高了污水处理的服务水平。但数据显示，PPP项目落地比率相对较低，首先是因为政府的契约精神薄弱，社会资本在PPP项目中投入大量资金，一旦政府没有按照合同约定进行，项目就会出现资金紧张，甚至断裂的情况，这样会给资本方和政府带来极大的风险，其次就是政府监管不到位，政府内部的职责界定和分工模糊使得政府的监管活动较为混乱，最后就是因为项目在前期财务评价时的不够准确，导致在项目实施后期成本超出预期，社会资本方严重亏损，资金链出现问题，无法支撑运营，导致提前退出项目。因此在项目立项前从财务角度，以客观独立的立场去进行财务评价就显得格外重要，它可以从源头去除那些不适合PPP模式的项目，并合理测算出对政府和社会资本方的影响，得出相对合理的结论，避免资源的不必要浪费。 财务评价是从PPP项目出发，紧跟当下国家的各种财税制度及政策，计算整个项目的效益和费用，从项目的盈利、偿债、生存能力、不确定性等角度分析其在财务上的可行性。 本文以QX污水处理项目为例，通过对此项目现行财务评价方法的分析，找出财务评价中导致数据不准确的原因，物有所值定性评价流于形式、内含报酬率指标使用混乱、折现率指标的不适用并对其进行分析，找到改进措施，此为基础进行优化，通过完善财务评价方法提高项目评价的准确性及客观性，从而提高PPP项目的落地率。建立一套符合市场经济需要、适应污水处理基础设施发展，满足政府、资本方要求，适合污水处理类PPP项目的项目财务评价指标体系，最后把改进后的财务评价体系应用到这个项目上，为以后污水处理行业PPP项目立项提供参考依据。
英文摘要：	With the rapid urbanization in recent years，the problem of urban pollution is constantly emerging. Especially the sustained growth of urban population and the continuous development of urban industry is increasing the amount of municipal sewage. It has brought great influence on the ecological environment and economy of our country. Recently，the government's requirements for the quality of public infrastructure services have increased. As a new financing mode, PPP has entered the market and set off a new climax in China. Introducing PPP into civil society capital to participate in sewage treatment work not only alleviates the financial pressure of the government, but also improves the service level of sewage treatment. However, according to the data, the landing ratio of PPP projects is relatively low. Firstly, the contract spirit of the government is weak. Social capital invests a lot of money in PPP projects. Once the government fails to carry out the project in accordance with the contract agreement, the project will be short of funds, or even break down, which will bring great risks to the capitalists and the government. Secondly, government supervision is not in place, the definition of responsibilities and division of labor within the government make the government's supervision activities confused. Finally, the inaccuracy of the project in the early financial evaluation leads to the cost exceeding expectations in the late implementation of the project. The social capital side suffers serious losses. The capital chain has problems and can not support the operation, leading to early withdrawal of projects. Support operation, leading to early withdrawal of the project. Therefore, it is particularly important to make financial evaluation from an objective and independent standpoint before the project is established. They can remove those projects that are not suitable for PPP model from the source, and reasonably calculate the impact on the government, social capital, and draw relatively reasonable conclusions to avoid unnecessary waste of resources. Financial evaluation is based on PPP project, following the various fiscal and taxation systems and policies of the current country, calculating the benefits and costs of the whole project, and analyzing its financial feasibility from the profitability costs, solvency, viability and uncertainty of the project. This paper takes QX wastewater treatment project as an example, through the analysis of the current financial evaluation method of the project, finds out the causes of inaccurate data in the financial evaluation. For example, the qualitative evaluation of value for money is mere formality, the use of the intrinsic rate of return index is confused, the discount rate index is not applicable and carries on the analysis, and finds out the improvement measures. The foundation is optimized to improve the accuracy and objectivity of project evaluation by improving the financial evaluation method, so as to improve the landing rate of PPP project. Establish a set of financial evaluation index system that meets the needs of market economy, the development of sewage treatment infrastructure, the requirements of government, capital and other parties, and is suitable for sewage treatment PPP projects. Finally, the improved financial evaluation system is applied to this project, and a proposal is made for the future PPP projects in sewage treatment industry as a reference basis.
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